sp to 21.30 in 3 to 5 years, page-39

The joker puts me in the same camp as ppm. Please not that. A couple of months ago ppm said $7 in 4 or 5 weeks - we all know that was rubbish. When the correction started he was saying $7 in a few months and now he is saying it by the end of the year.

ppm will say anything to get a profit. he will tell others to buy when he is selling. Unlike him I purchased 500,000 for less than 60c and have sold none. Its a long term investment for me. ppm is a daytrader. Joker, I am an investor.

However, i believe mmx is quality stock. They have more than 100m cash reserves, no debt, infrastructure deal looks good for them etc. Consequently, I stand by my expectation of about $20 in 3-5 years.

In the midwest there will in a few years be only 2 or possibly 3 surviving iron ore miners. I suggest those 3 will be Portman, Murchison/Mitsubishi (iron jack) and perhaps Mt Gibson. The others will either go broke, be taken over or merge with the survivors. Certainly the mmx management (and you can read into that also Mitsubishi) are looking to expand. They have already said so. There are some obvious targets but they are too expensive at the moment.

Any expansion of mmx will be very positive for mmx sp.

There are 3 other things that will substantially increase mmx sp:
1. the determination of the resource so that mitsubishi can put a value on its 50% purchase;
2. the aproval for the infrastructure development by the WA Govt; and
3. in april 08 the new iron price will be determined and you can reasonably expect 10-25% increase.

Each of these factors should increase the sp substantially as there will be no more impediments to the huge profits to be made by mmx.

Finally i see very little relationship between the sale of iron ore to south korea and US mortgages and European debts. The sell off of all stocks has been an over reaction and mmx is now imo good buying value.

But remember it is a long term investment and you have not made a profit or loss until you sell. The problem for mmx has been that some people have purchased on borrowed money and cant afford risking further falls. But those of us in the stock for less than $1 and with no debt on it can sit back and relax until 2011 when pay day will be v close and v happy.